Forter said April 21 that it raised $32 million in Series C funding led by Scale Venture Partners. Also participating were existing investors Sequoia Capital and New Enterprise Associates (NEA). San Francisco-based Forter is a fraud prevention company.
SAN FRANCISCO (April 21, 2016) – Forter, the first fraud prevention company to offer an automated, real-time Decision as a Service™ solution for online merchants, announced today that the company has closed $32 million in Series C funding led by Scale Venture Partners, with participation from previous investors Sequoia Capital and New Enterprise Associates (NEA).
Along with the addition of Scale Venture Partners’ Rory O’Driscoll to Forter’s Board of Directors, the new funding will be a driving force behind Forter’s continued rapid growth and overall expansion throughout the U.S., as well as the acceleration of the company’s innovative and award-winning fully automated fraud prevention platform and company vision of delivering a fraud-free e-commerce ecosystem.
Since launching in February of 2014, Forter has received a total of $50 million in funding and has tripled in size, helping create a global market platform that merchants use to ensure that fraud prevention is consumer-centric, contributing to frictionless checkout and smooth customer experience.
The funds will also be used to ensure Forter’s continued mission of combating and eliminating e-commerce fraud. The Global Fraud Attack Index™ reported that online fraud attacks grew 215 percent over the course of 2015, and as fraudsters around the world continue to evolve their methods of attack, the new investment will strongly aid Forter in their never-ending mission to reduce e-commerce-related fraud while improving customer experience and driving sales.
“In today’s world of growing fraud attacks, we want to completely remove the fear of fraud from eCommerce and help retailers capture more sales,” said Michael Reitblat, CEO of Forter. “We are very excited to have Scale Venture Partners join Sequoia Capital and NEA as our partners.”
Forter is known for its real-time Decision as a Service™ technology that emphasizes high approvals and stops fraudulent shoppers at the moment of checkout with an instant response, something that is made possible by the fully automated nature of the system. Forter’s system is so accurate that the company provides retailers with a 100% guarantee against fraud chargebacks.
Forter is dedicated to helping merchants grow sales by approving more orders and streamlining the shopping experience by removing friction, for smoother checkout and faster fulfillment. Ultimately, Forter also aims to help merchants create a smarter and safer global marketplace within which they fight fraud together, instead of having retailers working alone and unprotected.
“The e-commerce fraud ecosystem is constantly evolving, growing and becoming more complex,” said Rory O’Driscoll, General Partner at Scale Venture Partners. “Forter’s intelligent, fully automated antifraud solution is unique. Combine real-time, automated fraud prevention decisions with a seasoned executive team and dedicated emphasis on research, and you get a company which is squarely in position to lead the change that online retailers need. Forter is an exciting addition to the Scale portfolio and we look forward to working with Michael and his team.”
Forter provides new generation fraud prevention to meet the challenges faced by modern enterprise e-commerce. Only Forter provides fully automated, real-time Decision as a Service fraud prevention, backed by a 100% fraud chargeback guarantee – instant, guaranteed approve/decline decisions for every transaction. The system eliminates the need for rules, scores or manual reviews, making fraud prevention friction-free.
The result is fraud prevention that is invisible to buyers and empowers merchants with increased approvals, smoother checkout and the near elimination of false positives – meaning more sales and happier customers.
Behind the scenes, Forter’s machine learning technology combines advanced cyber intelligence with behavioral and identity analysis to create a multi-layered fraud detection mechanism.
The result is best for online merchants, and best for online customers.